Ashville gets CCI nod to hold 6.2% stake in e-commerce major Flipkart

Aceville's acquisition of stake in e-commerce major Flipkart was given a nod by the Competition Commission of India (CCI) on Tuesday, PTI reported.

In a tweet, the CCI said, “acquisition of up to 6.02 percent stake by Aceville in Flipkart” done. (PTI)

Aceville’s acquisition of stake in e-commerce major Flipkart was given a nod by the Competition Commission of India (CCI) on Tuesday, PTI reported. The Competition Commission went on the social networking site Twitter to make the announcement that Aceville now owned 6.025 stakes in Flipkart. In a tweet, the CCI said, “acquisition of up to 6.02 per cent stake by Aceville in Flipkart” done. The CCI stated that in accordance with the notice that had been submitted to the fair trade regulator, the concerned transaction related to the Aceville’s subscription of shares of Flipkart.

The CCI in a statement said, “the proposed transaction relates to the proposed subscription of shares by Aceville of Flipkart”. According to PTI, Aceville is a private investment holding Singapore incorporated company. However, Aceville, does not carry put any sort of business activities directly either in India or anywhere else. The report stated that Flipkart was involved in the business of wholesale cash and carried goods and provided marketplace based e-commerce platforms for the facilitation of trade between sellers and consumers, along with its direct and indirect subsidiaries.

Flipkart is also involved in various ancillary business activities. Some of these activities include logistics, digital payment systems and various other services, primarily based on technology.

Earlier last week, Flipkart had won the title of the “most sought-after workplace” in the country, according to a study conducted by professional networking website, Linkedin. Amazon and KPMG India had to settle for the 2nd and third place respectively. Kalyan Krishnamurthy, the CEO, Flipkart, said: “We are thrilled to be the most sought-after company to work for in India for the second year in a row. We have an extremely open and empowering culture that places full trust in our employees.”